Forrest locks horns with WA government over native title court fight

Original article by Brad Thompson
The Australian Financial Review – Page: 20 : 11-Dec-19

Fortescue Metals Group is seeking special leave to appeal against a Federal Court ruling with regard to its Solomon iron ore mining hub in the Pilbara. Western Australia’s State Solicitors Office wants the High Court to dismiss Fortescue’s application, arguing that there are major flaws in its case. The Federal Court dismissed Fortescue’s appeal against a 2017 ruling in early October, effectively stating that it had constructed the mining hub without the consent of traditional land owners.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, YINDJIBARNDI ABORIGINAL CORPORATION, FEDERAL COURT OF AUSTRALIA, HIGH COURT OF AUSTRALIA

Rio to open $1bn Pilbara mine

Original article by Nick Evans
The Australian – Page: 27 : 28-Nov-19

Rio Tinto has advised that it will invest $US749m ($1bn) on the Western Turner Syncline 2 expansion at its Tom Price iron ore hub in the Pilbara. Exports are slated to commence in 2021, and the output will replace existing production at other Pilbara mines rather than adding new capacity. Rio Tinto also intends to deploy autonomous haulage trucks at the Western Turner Syncline 2 project.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Rinehart prepares for Roy Hill ore boost

Original article by Nick Evans
The Australian – Page: Online : 27-Nov-19

A wet-high intensity magnetic separation plant at Gina Rinehart’s Roy Hill iron ore mine in the Pilbara will increase its production by 4-5 million tonnes a year. This will put the project on track to lift its annual export capacity to 60 million tonnes. The plant is slated to be fully operational by mid-2020 and will extend the life of the Roy Hill project by allowing more iron ore to be recovered from wet tailings and blended with lower-grade ore.

CORPORATES
ROY HILL HOLDINGS PTY LTD, HANCOCK PROSPECTING PTY LTD, MARUBENI CORPORATION, POSCO, CHINA STEEL CORPORATION

Degrading ore body adds to Citic’s woes

Original article by Nick Evans
The Australian – Page: 19 : 25-Nov-19

China-based Citic has declined to comment on the likely cost of proposed changes to the processing plant at its Sino Iron project in the Pilbara. A decline in the quality of the project’s iron ore has prompted Citic to undertake a trial program which would entail using different equipment to process ore on one of the facility’s six production trains. The cost of the trial program is believed to be minimal, although overhauling the entire plant could prove to be expensive. Meanwhile, Citic is awaiting a court ruling in the latest round of its royalties dispute with businessman Clive Palmer.

CORPORATES
CITIC LIMITED, SINO IRON PTY LTD, HIGH COURT OF AUSTRALIA

Gaines proves her mettle

Original article by Glenda Korporaal
The Australian – Page: 18 : 21-Nov-19

Fortescue Metals Group CEO Elizabeth Gaines is ranked second in Fortune magazine’s 2019 list of the world’s most successful business leaders. Gaines is the first woman to make the annual list. Fortune notes that the pure-play iron ore miner delivered 263 per cent profit growth and revenue growth of 45 per cent in 2018-19, with both metrics rising to record levels in Gaines’ first full financial year at the helm. Meanwhile, Fortescue has achieved a total return of 90 per cent since Gaines was appointed in February 2018, increasing its market value to around $US20bn ($29.4bn).

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Rio workers exposed to toxic gas

Original article by Nick Evans
The Australian – Page: 17 & 20 : 14-Nov-19

Rio Tinto was issued with a prohibition notice on 21 October, after workers at the Tom Price iron ore hub in the Pilbara were exposed to a toxic gas in September. Western Australia’s Department of Mines, Industry Regulation & Safety ordered the temporary closure of the open pit and required Rio Tinto to improve monitoring systems and safety procedures at the site. Rio Tinto has taken remedial action and advised that the incident will not affect its 2019 output from the Pilbara. Production at the Tom Price hub began in 1966.

CORPORATES
RIO TINTO LIMITED – ASX RIO, WESTERN AUSTRALIA. DEPT OF MINES, INDUSTRY REGULATION AND SAFETY

Riches keep rolling in for Rinehart

Original article by John Stensholt
The Australian – Page: 22 : 12-Nov-19

Hancock Prospecting posted a net profit of $2.6bn in 2018-19, compared with just $443m in 2016, while its revenue increased from $1.6bn to $8.4bn over the same period. Hancock, which is controlled by mining magnate Gina Rinehart, benefited from a sustained rally in the iron ore price in 2018-19. The Roy Hill iron ore project was a major contributor to Hancock’s earnings for the financial year, with a profit of $1.38bn and revenue of $5.16bn. Rinehart’s wealth was estimated at $13.12bn in March.

CORPORATES
HANCOCK PROSPECTING PTY LTD, ROY HILL HOLDINGS PTY LTD

Rio Tinto could hit iron ore goal in 2022

Original article by Peter Ker
The Australian Financial Review – Page: 23 : 1-Nov-19

The head of Rio Tinto’s iron ore division, Chris Salisbury, has told investors that production at its Koodaideri mine in Western Australia is slated for late 2021. He also said the mine will give Rio Tinto the capacity to ship 360 million tonnes of iron ore from the Pilbara each year. This target was first set in 2013, but to date the most Rio Tinto has shopped from the Pilbara in a single year is 338.2 million tonnes. Analysts expect its Pilbara shipments to total 325.5 million tonnes in 2019.

CORPORATES
RIO TINTO LIMITED – ASX RIO, VUMA FINANCIAL LIMITED

Forrest baulks at sugar hit pledges

Original article by Perry Williams
The Australian – Page: 17 & 20 : 30-Oct-19

Fortescue Metals Group chairman Andrew Forrest has criticised iron ore rivals such as BHP and Rio Tinto for their stance on issues such as Scope 3 emissions and gender parity. He has described their announcements on such issues as "sugar hits" that have no real substance. Fortescue CEO Elizabeth Gaines has told the pure-play miner’s AGM that its own Scope 1 and Scope 2 emissions are a priority, rather than the emissions of its customers. Meanwhile, 24.72 per cent of votes cast at the AGM rejected Fortescue’s remuneration report.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Flush Fortescue now close to net cash

Original article by Peter Ker
The Australian Financial Review – Page: 23 : 25-Oct-19

Pure-play iron ore miner Fortescue Metals Group has advised that its shipments totalled 42.2 million tonnes in the September quarter. Fortescue has maintained its full-year export guidance of 170-175 million tonnes. The company received an average price of $US85 per tonne during the quarter, which is 89 per cent higher than the previous corresponding period. Fortescue reduced its net debt to $US500m ($730m) during the quarter, while it has gross debt of $US3.9bn.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, MORGANS FINANCIAL LIMITED